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Types of small business loans for veterans

Types of small business loans for veterans

If you are a veteran and are considering starting a business, you can get loans for the same. There are several advantages to it. You can be your own boss and decide what business you want to run and how you want to run it. Veterans are equipped with skills that are essential to run a business.

As a veteran, your years in the service provide you with skills that are seen in successful entrepreneurs. You have the ability to make good and quick decisions and take smart risks, which is essential for a business. Being disciplined and goal-oriented can help you create a perfect foundation for your business venture.

If you’re confused as to where to start, here are a few things you can consider:

Idea
A business can be started on the basis of an idea. You can choose to start a business in a field that you are comfortable with and that you have knowledge of. In today’s world, how you sell your idea is how your business can flourish. You can consider starting a business of something in vogue; once you employ the correct task-force and work towards making your brand know, you can see your business thrive. You can always expand into different areas once you get comfortable with the business.

Utilize resources
The government provides various opportunities, such as the following, for veterans who want to start a new business, be it big or small.

  • Veterans business fund
    The Veterans Business Fund is an emerging resource for veterans who intend to acquire funding to expand or open a small business or purchase a franchise business. This 501(c)(3) nonprofit loan relies on donors to provide business loans for veterans at favorable terms. This small business loan for veterans does not have any interests levied to the extent permitted by law. However, one should note that veterans won’t be able to finance their business entirely through this loan, as the program offers loans only in conjunction with the business owner’s personal equity.
  • SBA Service-Disabled Veteran-Owned Business Contracting Program (SDVOSB)
    The Small Business Administration (SBA) helps veterans, who are small business owners and have been harmed in the line of duty, secure a certain amount of government contracts with the SDVOSB program. While this type of loan is not exactly a small business loan for veterans nor a veteran-specific grant, the SDVOSB initiative puts jobs on the market for veterans only, giving special attention to those who have been in the service.

     

  • Small Business Association’s Express Loan Program
    With the SBA’s, veterans can apply to its normal Express Loan program!

    All authorized veteran business loans of up to $350,000 through the Express initiative have zero upfront fees. You’ll receive a response to your application within 36 hours as well.

One can acquire small business loans from such agencies for starting a new business. You can even check the Veterans Affairs website for further details on the benefits one can avail.

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